SHAREHOLDERS IN the Worldspreads Group have given the green light to a deal to sell its profitable Irish subsidiary to a consortium led by local management.
An extraordinary general meeting held in Dublin this morning formally approved the sale following an agreement last month by Worldspreads Group.
The consortium includes co-founder and chief operations officer Brian O’Neill and Dublin-based Merrion Capital, which has a 40 per cent stake.
Worldspreads Ireland will be sold for an estimated €11.3 million.
Mr O’Neill said the consortium was delighted the shareholders had approved the deal.
The sale is still subject to regulatory approval.
The firm, which was founded in Dublin in 2000 by chief executive Conor Foley and Mr O’Neill, is listed on both the Irish and London stock exchanges.
The Dublin operation employs around 20 people.
The London division, which has been regulated by Britain’s Financial Services Authority since 2004, runs the business in both the UK and internationally, and accounts for the bulk of WorldSpreads’ revenue.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)